Final Completion
- 1 Minute to read
- Print
- PDF
Final Completion
- 1 Minute to read
- Print
- PDF
Article summary
Did you find this summary helpful?
Thank you for your feedback
At the end of the 12 months defects period, all defects should be sorted to enable:
• the issue of the Final Certificate to formalise the end of the contract so there are no loose ends
• the release of retention securities
Note:
Hutchies does not want to be in a position where these securities are cashed.
It may have implications on other project/reputation.
Refer to Project Finance if there is ever any potential or threat for this action of occur.
It also is the final opportunity to have issues dealt with by the subcontractors responsible before the last retention guarantees/cash are returned.
Once the subcontractor has been paid and retention released we are relying solely on the subcontractor doing the right thing and returning to the defects.
We have limited recourse against them unless they may do future work with Hutchies or if we take legal action which impacts on Hutchies
• reputation
• financial risk with significant costs,
• takes time for good Hutchies people to deal with the issue (where they ought to be working on positive work that improves Hutchies as a company)
Any dispute with a subcontractor doesn’t make any difference to Hutchies’ statutory or contractual obligations. We are still responsible and have to deal with the issues with or without the subcontractor - so it’s important we carefully manage the Final Completion phase to ensure the issues are completed by the subcontractor at their cost and not ours.
Any issues in this phase should be managed carefully to close out any potential legal/financial/reputational liability, saves money and creates opportunity for new work for Hutchies and you.
Was this article helpful?